Annapurna MFI raises Rs 35 crore from Oikocredit

MUMBAI: Bhuvaneshwar based micro finance company Annapurna has raised Rs 35 crore equity infusion from Netherlands based equity financing compamy Oikocredit. Annapurna operates across 10 states in India and provides financial support to low income groups to help improve their standard of living. It strives to create positive impact by way of programmes to develop new and stable income avenues for the economic empowerment.

Annapurna is an NBFC-MFI registered with RBI. Its client base comprises more than 0.7 million borrowers with assets under management of approximately Rs 950 croreas on March 2016. “Oikocredit has been a long standing partner of Annapurna and a pillar of strength even in challenging times. The well timed growth capital infusion will help Annapurna augment presence and distribution in the regions where it currently operates.

It will also enable Annapura explore new and hitherto untapped markets in the under-served catchments in different states of India,” said Gobinda Chandra Pattanaik, managing director of Annapurna. In previous capital raising rounds, Annapurna has received equity investment support from SIDBI IMEF, SIDBI Venture Capital Ltd ( SVCL), Belgian Investment Company for Developing Countries (BIO), Incofin Investment Management and, very recently from DCB Bank.